The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
1st Capital Bank Common 31944C107 3,834 239,471 SH   SOLE   239,471 0 0
1st Colonial Bancorp Common 319716106 4,477 432,524 SH   SOLE   432,524 0 0
1st Constitution Bancorp Common 31986N102 11,315 603,456 SH   SOLE   603,456 0 0
Alerus Financial Corporation Common 01446U103 4,687 215,000 SH   SOLE   215,000 0 0
Allegiance Bancshares, Inc. Common 01748H107 14,048 437,758 SH   SOLE   437,758 0 0
AMB Financial Corp. Common 001984103 1,415 83,750 SH   SOLE   83,750 0 0
American Business Bank Common 02475L105 6,005 176,054 SH   SOLE   176,054 0 0
American Riviera Bank Common 02932A106 5,818 325,940 SH   SOLE   325,940 0 0
Ameris Bancorp Common 03076K108 16,205 402,711 SH   SOLE   402,711 0 0
Aquesta Financial Holdings, Inc. Common 03842L109 252 23,028 SH   SOLE   23,028 0 0
Avidbank Holdings, Inc. Common 05368J103 7,512 313,012 SH   SOLE   313,012 0 0
Bank First National Corporation Common 06211J100 1,852 27,983 SH   SOLE   27,983 0 0
Bank of Botetourt Common 063907208 1,106 39,005 SH   SOLE   39,005 0 0
Bank of Commerce Holdings Common 06424J103 5,650 518,866 SH   SOLE   518,866 0 0
Bank of Fincastle Common 062113105 1,281 506,486 SH   SOLE   506,486 0 0
Bank of Princeton Common 064520109 8,617 296,521 SH   SOLE   296,521 0 0
Bank of Santa Clarita Common 06424K100 937 48,280 SH   SOLE   48,280 0 0
Bank of Southern California, N. A. Common 065104101 7,684 618,680 SH   SOLE   618,680 0 0
Bank of the James Financial Group, Inc. Common 470299108 2,565 179,369 SH   SOLE   179,369 0 0
Bankwell Financial Group, Inc. Common 06654A103 12,849 467,232 SH   SOLE   467,232 0 0
Bar Harbor Bankshares Common 066849100 1,318 52,884 SH   SOLE   52,884 0 0
Bay Banks of Virginia, Inc. Common 072035108 4,536 551,178 SH   SOLE   551,178 0 0
BCB Bancorp, Inc. Common 055298103 5,406 420,996 SH   SOLE   420,996 0 0
Beach Community Bancshares, Inc. Common 07332T100 4,500 900,000 SH   SOLE   900,000 0 0
Blue Ridge Bankshares, Inc. Common 095825105 4,500 225,000 SH   SOLE   225,000 0 0
Blueharbor bank Common 095613105 136 10,800 SH   SOLE   10,800 0 0
Boston Private Financial Holdings, Inc. Common 101119105 20,672 1,772,893 SH   SOLE   1,772,893 0 0
Bridge Bancorp Inc. Common 108035106 7,026 237,689 SH   SOLE   237,689 0 0
Bridgewater Bancshares, Inc. Common 108621103 3,841 321,652 SH   SOLE   321,652 0 0
Business First Bancshares, Inc. Common 12326C105 12,814 525,149 SH   SOLE   525,149 0 0
Byline Bancorp, Inc. Common 124411109 9,332 521,906 SH   SOLE   521,906 0 0
California BanCorp Common 13005U101 5,935 317,374 SH   SOLE   317,374 0 0
Cambridge Bancorp Common 132152109 9,179 122,370 SH   SOLE   122,370 0 0
Capital Bancorp, Inc. Common 139737100 1,090 80,000 SH   SOLE   80,000 0 0
Carolina Financial Corporation Common 143873107 6,631 186,580 SH   SOLE   186,580 0 0
Carolina Trust BancShares, Inc. Common 14422P105 3,399 324,037 SH   SOLE   324,037 0 0
Carter Bank & Trust Common 146102108 1,254 66,406 SH   SOLE   66,406 0 0
Cashmere Valley Bank Common 14756K102 3,300 57,198 SH   SOLE   57,198 0 0
CB Financial Services, Inc. Common 12479G101 1,044 37,616 SH   SOLE   37,616 0 0
CCB Financial Common 19046P209 1,511 100,000 SH   SOLE   100,000 0 0
CenterState Bank Corporation Common 15201P109 20,981 874,562 SH   SOLE   874,562 0 0
Central Valley Community Bancorp Common 155685100 1,429 70,212 SH   SOLE   70,212 0 0
Centric Financial Corporation Common 15641J101 6,951 716,563 SH   SOLE   716,563 0 0
Century Bancorp, Inc. Common 156432106 1,449 16,544 SH   SOLE   16,544 0 0
Century Financial Corporation Common 15652L102 2,682 121,646 SH   SOLE   121,646 0 0
Chino Commercial Bancorp Common 16957L102 1,848 138,392 SH   SOLE   138,392 0 0
Citizens Bancorp Common 172950107 2,296 122,449 SH   SOLE   122,449 0 0
Citizens Community Bancorp, Inc. Common 174903104 6,042 545,773 SH   SOLE   545,773 0 0
Citizens Financial Services Common 174615104 2,100 35,952 SH   SOLE   35,952 0 0
CNB Financial Corporation Common 126128107 7,913 275,714 SH   SOLE   275,714 0 0
Coastal Carolina Bancshares, Inc. Common 190435107 2,308 288,461 SH   SOLE   288,461 0 0
CoastalSouth Bancshares, Inc. Common 19058X207 2,461 204,249 SH   SOLE   204,249 0 0
Codorus Valley Bancorp, Inc. Common 192025104 15,008 645,224 SH   SOLE   645,224 0 0
Commencement Bank Common 20051L109 4,269 305,133 SH   SOLE   305,133 0 0
Communities First Financial Corporation Common 20344D104 2,705 109,294 SH   SOLE   109,294 0 0
Community Bancorp of Santa Maria Common 20344R103 2,461 197,524 SH   SOLE   197,524 0 0
Community Bank of the Bay Common 203485107 4,806 695,207 SH   SOLE   695,207 0 0
Community Bankers Trust Corporation Common 203612106 4,160 483,704 SH   SOLE   483,704 0 0
Community Financial Corporation Common 20368X101 6,009 179,532 SH   SOLE   179,532 0 0
Community Heritage Financial Inc. Common 20370L103 1,589 79,474 SH   SOLE   79,474 0 0
ConnectOne Bancorp, Inc. Common 20786W107 13,604 612,793 SH   SOLE   612,793 0 0
County Bancorp, Inc. Common 221907108 6,031 307,385 SH   SOLE   307,385 0 0
CrossFirst Bankshares, Inc. Common 22766M109 13,345 932,539 SH   SOLE   932,539 0 0
Dime Community Bancshares, Inc. Common 253922108 9,155 427,600 SH   SOLE   427,600 0 0
DNB Financial Corporation Common 233237106 459 10,317 SH   SOLE   10,317 0 0
Eagle Bancorp, Inc. Common 268948106 7,308 163,777 SH   SOLE   163,777 0 0
Eagle Financial Services Inc. Common 26951R104 867 29,365 SH   SOLE   29,365 0 0
Embassy Bancorp, Inc. Common 290791102 3,170 198,137 SH   SOLE   198,137 0 0
Emclaire Financial Corp. Common 290828102 3,129 95,094 SH   SOLE   95,094 0 0
Empire Bancorp Inc. Common 291617108 1,287 100,188 SH   SOLE   100,188 0 0
Enterprise Bancorp, Inc. Common 293668109 9,530 317,869 SH   SOLE   317,869 0 0
Enterprise Financial Services Corp Common 293712105 728 17,868 SH   SOLE   17,868 0 0
Equity Bancshares, Inc. Common 29460X109 6,847 255,397 SH   SOLE   255,397 0 0
Fauquier Bancshares, Inc. Common 312059108 596 30,177 SH   SOLE   30,177 0 0
FB Financial Corp. Common 30257X104 3,042 81,000 SH   SOLE   81,000 0 0
FedNat Holding Company Common 31431B109 1,400 100,100 SH   SOLE   100,100 0 0
Fentura Financial, Inc. Common 314645102 5,552 264,370 SH   SOLE   264,370 0 0
FineMark Holdings, Inc. Common 31788B108 4,947 197,100 SH   SOLE   197,100 0 0
First Bancshares, Inc. Common 318916103 16,466 509,778 SH   SOLE   509,778 0 0
First Bank Common 31931U102 16,421 1,516,264 SH   SOLE   1,516,264 0 0
First Business Financial Services Common 319390100 16,819 698,463 SH   SOLE   698,463 0 0
First Choice Bancorp Common 31948P104 14,514 680,759 SH   SOLE   680,759 0 0
First Citrus Bancorporation, Inc. Common 31959T102 635 23,695 SH   SOLE   23,695 0 0
First Defiance Financial Corp. Common 32006W106 3,253 112,305 SH   SOLE   112,305 0 0
First Farmers and Merchants Corporation Common 320148109 526 12,500 SH   SOLE   12,500 0 0
First Foundation Inc. Common 32026V104 22,364 1,464,601 SH   SOLE   1,464,601 0 0
First Guaranty Bancshares, Inc. Common 32043P106 718 32,421 SH   SOLE   32,421 0 0
First Home Bancorp, Inc. Common 32050L105 2,316 89,062 SH   SOLE   89,062 0 0
First Internet Bancorp Common 320557101 2,976 139,000 SH   SOLE   139,000 0 0
First Midwest Bancorp, Inc. Common 320867104 4,515 231,766 SH   SOLE   231,766 0 0
First National Corporation Common 32106V107 445 24,255 SH   SOLE   24,255 0 0
First Northern Community Bancorp Common 335925103 7,218 653,212 SH   SOLE   653,212 0 0
First of Long Island Corp. Common 320734106 2,840 124,816 SH   SOLE   124,816 0 0
First Reliance Bancshares, Inc. Common 33615Q100 670 84,792 SH   SOLE   84,792 0 0
First Virginia Community Bank Common 36120Q101 4,800 273,366 SH   SOLE   273,366 0 0
First Western Financial, Inc. Common 33751L105 9,929 581,007 SH   SOLE   581,007 0 0
Flagstar Bancorp, Inc. Common 337930705 2,458 65,811 SH   SOLE   65,811 0 0
FNS Bancshares, Inc. Common 30253F107 1,748 23,950 SH   SOLE   23,950 0 0
Foresight Financial Group, Inc. Common 345526107 5,699 160,524 SH   SOLE   160,524 0 0
Franklin Financial Network, Inc. Common 35352P104 3,652 120,889 SH   SOLE   120,889 0 0
Franklin Financial Services Corp. Common 353525108 3,600 101,252 SH   SOLE   101,252 0 0
Grand River Commerce, Inc. Common 386441109 1,136 181,819 SH   SOLE   181,819 0 0
GrandSouth Bancorporation Common 386627301 1,380 84,400 SH   SOLE   84,400 0 0
Guaranty Bancshares, Inc. Common 400764106 1,704 55,694 SH   SOLE   55,694 0 0
Howard Bancorp, Inc. Common 442496105 2,646 158,554 SH   SOLE   158,554 0 0
Iberiabank Corp Common 450828108 10,886 144,106 SH   SOLE   144,106 0 0
Investar Holding Corporation Common 46134L105 11,533 484,598 SH   SOLE   484,598 0 0
John Marshall Bank Common 47805L101 3,096 182,775 SH   SOLE   182,775 0 0
Kentucky Bancshares, Inc. Common 491203105 3,123 134,024 SH   SOLE   134,024 0 0
Kingstone Companies, Inc. Common 496719105 1,471 172,661 SH   SOLE   172,661 0 0
Lakeland Bancorp, Inc. Common 511637100 23,346 1,513,027 SH   SOLE   1,513,027 0 0
Ledyard Financial Group, Inc. Common 523338101 1,783 86,750 SH   SOLE   86,750 0 0
Level One Bancorp, Inc. Common 52730D208 15,025 622,929 SH   SOLE   622,929 0 0
Lewis & Clark Bank Common 527584106 333 10,365 SH   SOLE   10,365 0 0
Lighthouse Bank Common 53223T106 3,594 137,977 SH   SOLE   137,977 0 0
Limestone Bancorp, Inc. Common 53262L105 4,888 316,802 SH   SOLE   316,802 0 0
Luther Burbank Corporation Common 550550107 3,546 313,000 SH   SOLE   313,000 0 0
Macatawa Bank Corporation Common 554225102 732 70,408 SH   SOLE   70,408 0 0
MainStreet Bancshares, Inc. Common 56064Y100 12,376 587,941 SH   SOLE   587,941 0 0
Malvern Bancorp, Inc. Common 561409103 11,442 524,142 SH   SOLE   524,142 0 0
McHenry Bancorp, Inc. Common 580683100 1,500 15,000,000 SH   SOLE   15,000,000 0 0
Mercantile Bank Corporation Common 587376104 28,370 864,936 SH   SOLE   864,936 0 0
Merchants Bancorp Common 58844R108 4,374 264,463 SH   SOLE   264,463 0 0
Merchants Financial Group, Inc. Common 588538108 6,288 86,437 SH   SOLE   86,437 0 0
Meridian Bank Common 58958P104 9,939 559,964 SH   SOLE   559,964 0 0
Meridian Interstate Bancorp Common 58958U103 4,361 232,570 SH   SOLE   232,570 0 0
Metro Phoenix Bank Common 59165E106 2,942 221,167 SH   SOLE   221,167 0 0
Metropolitan Bank Holding Corp. Common 591774104 7,260 184,592 SH   SOLE   184,592 0 0
Mid Penn Bank Common 59540G107 1,800 70,222 SH   SOLE   70,222 0 0
Middlefield Banc Corp. Common 596304204 1,211 25,874 SH   SOLE   25,874 0 0
MidWestOne Financial Group, Inc. Common 598511103 3,147 103,100 SH   SOLE   103,100 0 0
Mission Valley Bancorp Common 60520E104 3,711 270,840 SH   SOLE   270,840 0 0
Mountain Commerce Bancorp Common 624004107 6,923 362,453 SH   SOLE   362,453 0 0
MVB Financial Corp. Common 553810102 8,225 414,375 SH   SOLE   414,375 0 0
Nicolet Bankshares, Inc. Common 65406E102 3,781 56,791 SH   SOLE   56,791 0 0
Northway Financial, Inc. Common 667270201 6,859 216,442 SH   SOLE   216,442 0 0
NorthWest Indiana Bancorp Common 667516108 2,557 57,584 SH   SOLE   57,584 0 0
Oak Ridge Financial Services, Inc. Common 671768109 3,231 221,311 SH   SOLE   221,311 0 0
Oak Valley Bancorp Common 671807105 5,813 346,659 SH   SOLE   346,659 0 0
Old Line Bancshares, Inc. Common 67984M100 7,097 244,634 SH   SOLE   244,634 0 0
Old Second Bancorp, Inc. Common 680277100 25,833 2,113,973 SH   SOLE   2,113,973 0 0
Orange County Bancorp Common 68417L107 4,954 178,344 SH   SOLE   178,344 0 0
Oregon Pacific Bancorp Common 686040205 3,256 564,232 SH   SOLE   564,232 0 0
Origin Bancorp Inc. Common 68621T102 13,701 406,064 SH   SOLE   406,064 0 0
Pacific Financial Corporation Common 694275108 5,628 500,266 SH   SOLE   500,266 0 0
Pacific Mercantile Bancorp Common 694552100 7,427 988,884 SH   SOLE   988,884 0 0
Pacific West Bank Common 69506W202 2,633 185,715 SH   SOLE   185,715 0 0
Peapack-Gladstone Financial Corporation Common 704699107 31,231 1,114,214 SH   SOLE   1,114,214 0 0
Peoples Bancorp Common 70979X107 2,815 12,237 SH   SOLE   12,237 0 0
Peoples Bancorp Inc. Common 709789101 3,484 109,536 SH   SOLE   109,536 0 0
People's Bank of Commerce Common 710311101 1,999 134,590 SH   SOLE   134,590 0 0
Pilot Bancshares, Inc. Common 721530103 1,954 571,429 SH   SOLE   571,429 0 0
Pinnacle Bancshares, Inc. Common 722903101 1,838 65,065 SH   SOLE   65,065 0 0
Pinnacle Bank Common 72346K107 3,520 305,566 SH   SOLE   305,566 0 0
Pinnacle Bankshares Corporation Common 72345E102 2,744 87,130 SH   SOLE   87,130 0 0
Pioneer Bancshares, Inc Common 72357G102 539 20,000 SH   SOLE   20,000 0 0
Potomac Bancshares, Inc. Common 737643106 598 42,905 SH   SOLE   42,905 0 0
Prime Meridian Holding Company Common 74164R107 1,852 92,067 SH   SOLE   92,067 0 0
Private Bancorp of America, Inc. Common 74274F100 10,096 497,109 SH   SOLE   497,109 0 0
PSB Holdings, Inc. Common 69360N108 7,437 280,763 SH   SOLE   280,763 0 0
QCR Holdings, Inc. Common 74727A104 9,163 241,261 SH   SOLE   241,261 0 0
QNB Corp. Common 74726N107 5,747 157,223 SH   SOLE   157,223 0 0
Red River Bancshares, Inc. Common 75686R202 1,446 33,334 SH   SOLE   33,334 0 0
Reliant Bancorp, Inc. Common 75956B101 6,315 263,364 SH   SOLE   263,364 0 0
Republic First Bancorp, Inc. Common 760416107 9,011 2,145,576 SH   SOLE   2,145,576 0 0
Revere Bank Common 761402106 7,659 223,617 SH   SOLE   223,617 0 0
River City Bank Common 76803X106 3,325 17,557 SH   SOLE   17,557 0 0
Riverview Bancorp, Inc. Common 769397100 1,764 239,078 SH   SOLE   239,078 0 0
Riverview Financial Corporation Common 76940Q105 5,044 431,816 SH   SOLE   431,816 0 0
Salisbury Bancorp, Inc. Common 795226109 928 23,216 SH   SOLE   23,216 0 0
Sandy Spring Bancorp Inc. Common 800363103 27,360 811,635 SH   SOLE   811,635 0 0
Santa Cruz County Bank Common 801827106 1,368 27,365 SH   SOLE   27,365 0 0
SB One Bancorp Common 78413T103 18,954 840,148 SH   SOLE   840,148 0 0
Seacoast Banking Corporation of Florida Common 811707801 10,292 406,639 SH   SOLE   406,639 0 0
Select Bancorp, Inc. Common 81617L108 1,450 125,000 SH   SOLE   125,000 0 0
Sevier County Bancshares, Inc. Common 81817P206 3,343 217,675 SH   SOLE   217,675 0 0
Shore Bancshares, Inc. Common 825107105 8,582 556,916 SH   SOLE   556,916 0 0
Sierra Bancorp Common 82620P102 7,025 264,487 SH   SOLE   264,487 0 0
Silvercrest Asset Management Group Inc. Common 828359109 6,800 552,858 SH   SOLE   552,858 0 0
SmartFinancial, Inc. Common 83190L208 11,808 566,877 SH   SOLE   566,877 0 0
Solvay Bank Corporation Common 83441Q105 1,367 37,743 SH   SOLE   37,743 0 0
South Atlantic Bancshares, Inc. Common 83636T104 1,705 137,388 SH   SOLE   137,388 0 0
South Plains Financial, Inc. Common 83946P107 3,241 198,819 SH   SOLE   198,819 0 0
SouthCrest Financial Group, Inc. Common 84129X107 937 106,453 SH   SOLE   106,453 0 0
Southern BancShares (N.C.), Inc. Common 842243107 7,653 2,038 SH   SOLE   2,038 0 0
Southern First Bancshares, Inc. Common 842873101 29,435 738,654 SH   SOLE   738,654 0 0
Southern National Bancorp of Virginia,Inc. Common 843395104 20,628 1,340,319 SH   SOLE   1,340,319 0 0
Southern States Bancshares, Inc. Common 843878109 3,482 232,143 SH   SOLE   232,143 0 0
SouthPoint Bancshares, Inc. Common 844647107 1,814 97,526 SH   SOLE   97,526 0 0
Spirit of Texas Bancshares, Inc. Common 84861D103 12,178 565,100 SH   SOLE   565,100 0 0
Sterling Bancorp, Inc. Common 85917W102 5,691 583,100 SH   SOLE   583,100 0 0
Summit State Bank Common 866264203 2,166 183,707 SH   SOLE   183,707 0 0
Suncrest Bank Common 86723G109 10,710 971,883 SH   SOLE   971,883 0 0
Surrey Bancorp Common 86888W105 1,004 69,785 SH   SOLE   69,785 0 0
Synovus Financial Corp. Common 87161C501 8,451 236,320 SH   SOLE   236,320 0 0
TGR Financial, Inc. Common 87243P108 4,929 468,518 SH   SOLE   468,518 0 0
Three Shores Bancorporation, Inc. Common 885753103 1,714 190,000 SH   SOLE   190,000 0 0
Town and Country Financial Corporation Common 892039108 347 16,513 SH   SOLE   16,513 0 0
Tri City Bankshares Corporation Common 895364107 1,784 89,223 SH   SOLE   89,223 0 0
TriState Capital Holdings, Inc. Common 89678F100 27,172 1,291,466 SH   SOLE   1,291,466 0 0
Triumph Bancorp, Inc. Common 89679E300 15,137 474,661 SH   SOLE   474,661 0 0
Two River Bancorp Common 90207C105 1,830 88,295 SH   SOLE   88,295 0 0
Two Rivers Financial Group, Inc. Common 90206L106 2,361 78,041 SH   SOLE   78,041 0 0
United Bancorporation of Alabama, Inc. Common 90944R100 806 40,000 SH   SOLE   40,000 0 0
United Insurance Holdings Corp. Common 910710102 409 29,269 SH   SOLE   29,269 0 0
Unity Bancorp, Inc. Common 913290102 18,973 856,568 SH   SOLE   856,568 0 0
Univest Financial Corporation Common 915271100 3,483 136,526 SH   SOLE   136,526 0 0
Veritex Holdings, Inc. Common 923451108 18,844 776,755 SH   SOLE   776,755 0 0
Village Bank and Trust Financial Corp. Common 92705T200 1,002 29,133 SH   SOLE   29,133 0 0
Virginia National Bankshares Corp. Common 928031103 1,131 30,512 SH   SOLE   30,512 0 0
W.T.B. Financial Corporation Common 929334209 14,574 41,285 SH   SOLE   41,285 0 0
Waterstone Financial, Inc. Common 94188P101 7,790 453,456 SH   SOLE   453,456 0 0
Wellesley Bancorp, Inc. Common 949485106 1,330 42,635 SH   SOLE   42,635 0 0
West Suburban Bancorp, Inc. Common 956152409 3,755 6,306 SH   SOLE   6,306 0 0
Westbury Bancorp, Inc. Common 95727P106 6,468 252,670 SH   SOLE   252,670 0 0
White River Bancshares Company Common 96445A108 1,758 26,532 SH   SOLE   26,532 0 0
York Traditions Bank Common 987159100 4,224 242,044 SH   SOLE   242,044 0 0